Why do developing countries usually have less variety in their economic activities? Limited access to education means that people are not trained to work in industry or technology . to get products they cannot produce. ... What type of economic growth do most developed economies experience?
What are standards designed to the?
They: provide a common language to measure and evaluate performance , make interoperability of components made by different companies possible, and. protect consumers by ensuring safety, durability, and market equity.
Which statement accurately describes a developing country?
Which statement accurately describes a developing country? The country’s population has a high growth rate .
Why does an increase in literacy rates often accompany an increase in per capita income quizlet?
Why does an increase in literacy rates often accompany an increase in per capita income? People who have higher-paying jobs often have the time available to develop literacy skills . Developing countries have higher-than-average literacy rates, which typically leads to higher income.
How did Nafta affect the economics of participating countries?
NAFTA went into effect in 1994 to boost trade, eliminate barriers, and reduce tariffs on imports and exports between Canada, the United States, and Mexico . According to the Trump administration, NAFTA has led to trade deficits, factory closures, and job losses for the U.S.
What are the cons of a mixed economy for most citizens?
One disadvantage of mixed economies is that they tend to lean more toward government control and less toward individual freedoms . Sometimes, government regulation requirements may cost a company so much that it puts it out of business. In addition, unsuccessful regulations may paralyze features of production.
Which characterizes developing countries?
Developing countries are, in general, countries that have not achieved a significant degree of industrialization relative to their populations , and have, in most cases, a medium to low standard of living. There is an association between low income and high population growth.
Why might Developed countries want to outsource manufacturing and other jobs to developing economies?
Developed economies can find more inexpensive labor in developing economies. ... Developing economies produce higher-quality goods , so it makes sense to outsource.
The poor in developing countries generally have the least access to clean water sources , and those same populations also may be the most directly exposed to environmental risks such as vector-borne diseases and indoor air pollution from solid fuel use.
One social issue often facing developing countries is very high population growth . Most developing countries have an increasing population at a high rate, which poses a challenge to them in terms of equitable distribution of resources.
Which region is least developed eastern Europe northern Asia Central Africa Southern Africa?
Southwest Asia & North Africa and Latin America are the less developed regions with the most favorable balance between population and resources. Raising the GDP of a country means an automatically higher standard of living.
Which form of transportation has led to more efficient in a global market?
cargo ships . Cargo ships have led to more efficient business in the global market owing to their interconnective nature as they link continents separated by sea or ocean. Cargo ships carry a huge quantity of goods that can be oversized or bulky from one country to another, representing exports and imports.
Why does an increase in literacy rates often accompany an increase?
Why does an increase in literacy rates often accompany an increase in per capita income? * People who have higher-paying jobs often have the time available to develop literacy skills . * Developing countries have higher-than-average literacy rates, which typically leads to higher income.
What are the pros and cons of NAFTA?
- Pro 1: NAFTA lowered the price of many goods.
- Pro 2: NAFTA was good for GDP.
- Pro 3: NAFTA was good for diplomatic relations.
- Pro 4: NAFTA increased exports and created regional production blocs.
- Con 1: NAFTA led to the loss of U.S. manufacturing jobs.
What was the negative impact of NAFTA to the United States?
The loss of these jobs is just the most visible tip of NAFTA’s impact on the U.S. economy. In fact, NAFTA has also contributed to rising income inequality , suppressed real wages for production workers, weakened workers’ collective bargaining powers and ability to organize unions, and reduced fringe benefits.
Why is NAFTA bad?
NAFTA would undermine wages and workplace safety . Employers could threaten relocation to force workers to accept wage cuts and more dangerous working conditions. NAFTA would destroy farms in the US, Canada and Mexico. Agribusiness would use lower prices from their international holdings to undersell family farms.
What are pros and cons of a mixed economy?
- Equal Distribution of Control. ...
- More Efficiency for Private Firms. ...
- Freedom for Private Enterprise to Thrive On Their Own. ...
- A Defined Role for the Government as Referee. ...
- Safe Haven from Poverty. ...
- Greater Chance for the Government to Implement Good Policies. ...
- More Job Investments Coming In.
Why is infrastructure in developing countries poor?
There are several factors that contribute to poor infrastructure, and they include the lack of, or shortages, of funds , insufficient provision of developmental resources and inefficiency of developmental labour as well as poor repair and maintenance.
What are the advantages and disadvantages of mixed economy?
The mixed economy will tax companies and individuals at different levels, with more government involvement often dictating a higher level of responsibility in this area. What is this? Social services and infrastructure needs are benefits that everyone enjoys, but a high tax rate can also become a disadvantage .
Why would a country considered a mixed economy?
A mixed economic system is a system that combines aspects of both capitalism and socialism . A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
What characterizes developing economic?
Low Per Capita Real Income
Low per capita real income is one of the most defining characteristics of developing economies. They suffer from low per capita real income level, which results in low savings and low investments.
What are the problems of developing economy?
However, the economy still faces various problems and challenges, such as corruption, lack of infrastructure, poverty in rural areas and poor tax collection rates . Despite rapid economic growth, unemployment is still an issue in both rural and urban areas.
What role do less developed countries have in outsourcing?
Outsourcing can lead to higher wages and more job openings in less-developed countries to which companies outsource and decrease the gap between more and less developed countries. Most developed countries often choose some of the less-developed ones to establish their manufacturing centers .
How developing countries are being affected by outsourcing?
Outsourcing can provide people in developing countries with well-paid jobs that might not be available to them otherwise . ... Outsourcing companies are not merely looking for cheap labor; they are seeking professional and skilled individuals who can support mission-critical aspects of the business.
How do developing countries benefit from outsourcing?
Benefits of Outsourcing for developing economies.
Creates Direct Foreign Investment . This boosts the rate of economic growth and can lead to improvements in infrastructure and confidence in the economy. Creates Employment. ... A benefit to balance of payments.
Why are developing countries more vulnerable to drought than developed countries?
Developing countries are particularly vulnerable to drought because of their geography and strong dependence on subsistence agriculture . The highly diversified economies of developed countries mitigate its effects, but do not eliminate human stress and major economic loss.
What kind of advantage does a country have if it can make a product more efficiently?
Absolute advantage refers to the ability of a country to produce a good more efficiently than other countries. In other words, a country that has an absolute advantage can produce a good with lower marginal cost (fewer materials, cheaper materials, in less time, with fewer workers, with cheaper workers, etc.).
How Does globalization cause the foreign sector to influence the economy?
How does globalization cause the foreign sector to influence the economy? The foreign sector influences how imports and exports move between firms and households . more options and lower prices.
Is a transitioning economy what is a downside of rapid economic growth?
In a transitioning economy, what is a downside of rapid economic growth? Rapid economic growth can be difficult to regulate . What does the International Monetary Fund (IMF) seek to accomplish for developing countries? The IMF provides economic advice and loans to developing countries.
How developed and developing countries affect the environment?
The impact of pollution is more severe in developing countries, leading to ill health, death and disabilities of millions of people annually. Developed countries have the resources and technologies to combat pollution. ... This may lead to environmental pollution and degradation.
Why are developing countries more affected by climate change?
While global leadership on climate change will require multi-faceted policy solutions, there is consensus that extreme weather and disruption from drought, flooding, and conflicts over natural resources disproportionately affect the developing world, particularly the poor and most vulnerable including women and ...
What is likely to happen when price increases?
Prices affect consumer demand. ... Which is likely to occur if there is a price increase for a good which exhibits elastic demand? People might buy a more expensive substitute good. People might buy a less expensive complementary good .
How might foreign investment be problematic for a transitioning economy?
How might foreign investment be problematic for a transitioning economy? Foreign investment can temporarily slow economic growth . It may be difficult to adjust to another nation’s influence. A foreign government may seize control of the country.
What might happen if an economy is unable to produce wanted goods and services?
What might happen if an economy is unable to produce wanted goods and services? People will look elsewhere for them . ... What are some ways to address unemployment in a market economy?
Why is Africa the least developed country?
Most African nations suffer from military dictatorships, corruption, civil unrest and war, underdevelopment and deep poverty. The majority of the countries classified by the UN as least developed are in Africa.
Why were most of the countries Categorised as least developed countries?
Why were most of the non-aligned countries categorized as LDC or least developed countries? Ans. The non-aligned countries basically suffered from poverty, weak human resources and economic vulnerability . All these qualities subsided with the category of the least developed countries.
What are characteristics of less developed countries?
- high birth rate,
- relatively high death rate and.
- a low life expectancy.
- high population growth.
- High dependency ratio.
- Low GDP per capita.
- Lower proportion of population is enrolled in education.
- Low level of living standard.
How does transportation affect globalization?
Changes in transportation technology have reduced transportation costs substantially helping to fuel the globalization process. ... By sharply cutting costs and enhancing reliability, container-based shipping enormously increased the volume of international trade and made complex supply chains possible.
Why is transportation a big factor in the advancement of globalization?
Improvements in transportation – larger cargo ships mean that the cost of transporting goods between countries has decreased . Economies of scale mean the cost per item can reduce when operating on a larger scale. Transport improvements also mean that goods and people can travel more quickly.
How has global expansion affected transportation?
Globalization increases the need for efficient supply chains where all modes of transportation are reliable . Congestion at seaports, on railways, at border crossings and on freeways occurring as a result of globalization causes potentially unmanageable strain on infrastructure.
How does NAFTA affect Canada’s economy?
NAFTA has had an overwhelmingly positive effect on the Canadian economy. It has opened up new export opportunities, acted as a stimulus to build internationally competitive businesses , and helped attract significant foreign investment.
What are the drawbacks of NAFTA?
- U.S. Jobs Were Lost. ...
- U.S. Wages Were Suppressed. ...
- Mexico’s Farmers Were Put Out of Business. ...
- Maquiladora Workers Were Exploited. ...
- Mexico’s Environment Deteriorated. ...
- NAFTA Called for Free U.S. Access for Mexican Trucks.
Did NAFTA help the US economy?
Economists largely agree that NAFTA benefited North America’s economies . Regional trade increased sharply [PDF] over the treaty’s first two decades, from roughly $290 billion in 1993 to more than $1.1 trillion in 2016.
